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It would be unrealistic to believe that people are spending MORE money right now during the COVID-19 pandemic. Many people have been laid off or their partners have been laid off. Now with that being true for some people, it's not true for all people. In my new video I share 6 ways to pivot your pricing plus answer a few other COVID-19 business questions.
How do we adjust our pricing structure & our business during COIVD-19? Do we seriously discount our services or should we offer everything for free? (Quick answer – no, don’t offer everything for free.)
When shit hit the fan with COVID-19 I was really concerned too. I had a lot of questions, a lot of fears and I really didn't know what it meant for my business. In the past couple months since this whole thing started, I've actually managed to stay on track with my business. Phew! I have continued generating sales and I haven't seen a dip in my income. BUT I have made a few adjustments in my pricing structure & shifted my language.
How can you pivot your pricing right now?
There's nothing wrong with offering a little bit of a small discount. Here are 6 ways you could pivot your pricing & business structure during COVID-19. The first being adding a little bit of a discount but also adding some sort of urgency to it so it’s not always available.
Another pivot would be including a fast acting bonus. A fast acting bonus is basically an incentive for people to act quickly. If you’re in the period of launching something like a course or a program, then offering a really juicy fast acting bonus is not a bad thing.
The third thing you can offer is a payment plan. You may already have payment plans for your programs, but if you don't it might be a good time to offer one.
Say you're launching a membership, maybe it's monthly. What you can actually do is give people incentive to purchase multiple months in advance. So if your membership is usually $50/month, your incentive could be to buy six months upfront and you could give it to them for $400 instead of $600 to save them money in the long run and gives them an incentive to commit for a longer time period.
You could also offer a free trial. You could offer a month free to your membership program where they could take advantage of the content and interact with the community. The hope is that they're going to come into the program, realize how amazing the community is and the support they receive and hopefully they will choose to stay.
Finally, when it comes to adjusting your business to COVID-19, is if you have something like a group program, maybe you can break it up and sell it in two parts.
So go pivot your pricing if you feel like it might be a good move for you and make sure to let me know how it goes - you know I love those DM’s!